I know a divorced single woman in her late 50’s, with a bad back, who now works at a shop on her feet all day. She was a bondholder with GM as her major investment and protection for her later years. My understanding is that they really hurt the regular bondholders (traditionally blue chip bondholders are widows and orphan types), while they gave sweetheart deals to the big institutional bondholders. Horrible, horrible, cruel actions, that really underline that this is a government for the elites and is dedicated to hurting working Americans to help the elites.
It was the institutional bondholders who let this happen. Obama and crew gave the biggest holders an ultimatum and they caved, agreeing to the settlement that stripped them of their right to first claim. All the little guys were lumped in with them and got screwed, as well. However, I’m sure the Obama goobermint had plans to “settle-up” with the big guys, leaving the little guys in the lurch.